Oil rises on U.S. supply, economic data

Prices for crude oil and natural gas moved in opposite directions after the U.S. government issued weekly supply reports for both fuels.
By The Associated Press Modified: September 5, 2013 at 9:22 pm •  Published: September 6, 2013

On the economic front, the Labor Department released data Thursday showing applications for U.S. unemployment benefits fell to 323,000 last week, near their lowest level in 5 years and in line with trends indicating fewer layoffs and steady net job gains.

Elsewhere in the oil market, Brent, the benchmark for international crudes, was up 18 cents to $115.09 a barrel on the ICE Futures exchange in London.

Brent has risen sharply recently due to fears of a U.S. intervention in Syria, even if the scale of the attack is now expected to be low.

Natural gas dropped after the Energy Department said supplies rose by 58 billion cubic feet to 3.188 trillion cubic feet.

Associated Press